The CEO of Ripple Brad Garlinghouse thinks that China has surpassed the USA in regulation of the developing crypto space.
During the summit of the Chamber of Digital Commerce on July 17, Garlinghouse has expressed his admiration for the approach of the Chinese authorities to the crypto space. He is especially amazed by their recognition of cryptocurrencies.
“I think they realize that some of these technologies will serve as a baseline for the future functioning of financial systems and want to be the first to introduce them”, Garlinghouse noted.
As an example, in favor of his statement the CEO pointed out the classification of Bitcoin and Ethereum. In 2018 and 2019 regulators in the USA evaluated Bitcoin and Ethereum not as securities, but as commodities. The CEO of Ripple believes that clear regulations and rules give companies and private players more confidence in working with certain assets.
“Today, thanks to the regulation of China over Bitcoin and Ethereum mining, these industries are fully controllable by the state – Garlinghouse noted. – Twenty-five years ago, the US was a leader in the development of the internet, and part of that was the clear regulations”.
The CEO also noted that the opportunity for this still exists regarding blockchain technologies. However, so far, the US doesn`t seize it, as they are focused on other technologies such as 5G.
